Property Type

Meridian Completes 226,616 SF Industrial Tenant Build-out in Romeoville, Illinois

by Kristin Harlow May 26, 2017

ROMEOVILLE, ILL. — Meridian Design Build has completed a 226,616-square-foot industrial tenant build-out for Molto Properties and LASCO Fittings Inc. in Romeoville. The property is located at 1881 Normantown Road. The new facility includes 4,486 square feet of office space and a 221,616-square-foot distribution warehouse with 35 loading docks, 205 auto parking stalls, 39 trailer stalls and two drive-in doors. Additional work consisted of a shipping office, dock upgrades and modifications to the overhead lighting. Ware Malcomb served as project architect and V3 Cos. provided civil engineering services for the project.

May 26, 2017

Midwest Multifamily Seniors Housing Wisconsin

Heritage Senior Living to Open 108-Unit Community in Muskego, Wisconsin

by Kristin Harlow May 26, 2017

MUSKEGO, WIS. — Heritage Senior Living will open its 16th community in Wisconsin in Muskego, about 20 miles southwest of Milwaukee, in summer 2018. Construction has begun on the two-story, 108,000-square-foot community, located on Janesville Road. The property will feature 108 units, consisting of 29 independent living apartments, 36 assisted and enhanced assisted living apartments and 43 memory care suites. Amenities at Heritage Muskego will include a therapy pool, therapy/rehab gym, two private dining rooms, salon, pub, bistro, convenience store, outdoor patio with fire pit and gas grills and walking paths around the community.

May 26, 2017

Midwest Office Wisconsin

Capri Communities Signs 13,211 SF Office Lease in Brookfield, Wisconsin

by Kristin Harlow May 26, 2017

BROOKFIELD, WIS. — Capri Communities has signed a 13,211-square-foot office lease in Brookfield. The senior housing developer and operator will relocate from Waukesha to the new space at 20875 Crossroads Circle. Capri Communities will occupy the new office by June 1. Wayne Rappold of CBRE represented the tenant in the lease transaction, while Shaun Dempsey of Transwestern represented the landlord, KPK Eagle Investments LLC.

May 26, 2017

Northeast Retail Top Stories

Urban Edge Properties Acquires Retail Portfolio in Northeast, Midwest for $325M

by Nellie Day May 26, 2017

NEW YORK CITY — Urban Edge Properties (NYSE: UE) has purchased a seven-property retail portfolio primarily within the New York City metro area and Missouri for $325 million. The portfolio contains a total of 1.5 million square feet. The acquisition includes Yonkers Gateway Center in Yonkers, N.Y.; Manchester Plaza in Manchester, Mo.; and The Plaza at Woodbridge in Woodbridge, The Plaza at Cherry Hill in Cherry Hill and 21 E. Broad Street/One Lincoln Plaza in Westfield, all in New Jersey. The portfolio is currently 83 percent leased. The tenant rosters contain a mix of big-box stores such as Burlington, Best Buy, DSW and Toys “R” Us; grocers like Aldi and Trader Joe’s; furniture outposts like Raymour & Flanigan and Bob’s Furniture; and restaurants like Five Guys, Cake Boss and Alamo Drafthouse Cinema, among others. Occupancy rates range from 74 percent for The Plaza at Cheery Hill to 100 percent for the Westfield asset. New Jersey-based Acklinis Realty Holding LLC owned the portfolio for more than 30 years. The contributors exchanged their property interests for about $122 million of Urban Edge operating partnership units, which were valued at $27.02 per unit. Urban Edge assumed about $33 million of existing mortgage debt, …

May 26, 2017

Market Reports Retail Texas Texas Market Reports

Torrid Job, Population Growth to Fuel Fort Worth Retail in 2017

by Taylor Williams May 26, 2017

In DFW, retail real estate will experience its eighth consecutive year of performance gains as upward economic momentum strengthens consumption and bolsters the local retail sector. The national economy is operating at near full employment and the rate of job creation will start to slow, bringing two million new job opportunities to fruition in 2017. At least 100,000 of these jobs will be filled in DFW and these dynamics will affect retail property by driving up wage growth, increase rental rates and promote higher retail spending.” As a result, national retail sales are expected to increase 4 percent this year. In Fort Worth specifically, retail trade is one of largest employment sectors and accounts for more than 11 percent of all jobs. Dallas-Fort Worth is expected to see a fourth consecutive year of employers adding over 100,000 jobs as a number of large companies like Toyota, Liberty Mutual and many others expand their footprints in the metro. Advance PCS, Dean Foods, ExxonMobil, Kimberly-Clark, Neiman Marcus, Southwest Airlines and Texas Instruments are among the 21 Fortune 500 companies headquartered in the area. The relocation and expansion of these businesses will draw new residents to the area. Approximately 88,000 individuals are slated …

May 26, 2017

California Office Western

Kennedy Wilson Acquires Glendale Office Property for $144M

by Nellie Day May 25, 2017

GLENDALE, CALIF. — Kennedy Wilson has purchased a 437,000-square-foot office campus in Glendale for $144 million. The campus contains two Class A office buildings located at 400 and 450 N. Brand Blvd. The property was purchased through Kennedy Wilson Real Estate Fund V. It is currently 88 percent leased to 21 tenants, including Cigna, DineEquity and Learner’s Digest International.

May 25, 2017

Arizona Multifamily Western

Security Properties, Pacific Life Insurance Co. Buy Andante Apartments in Phoenix for $85.2M

by Nellie Day May 25, 2017

PHOENIX — A joint venture between Security Properties and Pacific Life Insurance Co. has purchased the 576-unit Andante Apartments in Phoenix for $85.2 million. The community is located at 15801 S. 48th St. The property will undergo a renovation, which will update the clubhouse and unit interiors. Security Properties-affiliate Madrona Ridge Residential will manage the property.

May 25, 2017

Hospitality Oregon Western

Econolodge Motel in Newport Trades Hands

by Nellie Day May 25, 2017

NEWPORT, ORE. — A 1031 exchange buyer has acquired the 44-room Econolodge motel in Newport for an undisclosed amount. The motel is located at 606 S.W. Coast Highway 101. The roadside property is situated on the Central Oregon Coast and features ocean views. Joseph P. Kennedy of Crystal Investment Property represented the buyer.

May 25, 2017

Office Utah Western

Sorenson Media Leases Office Space at Thanksgiving Station 5 in Utah

by Nellie Day May 25, 2017

LEHI, UTAH — Sorenson Media has leased 61,329 square feet of space at Thanksgiving Station 5 in Lehi, located south of Salt Lake City. The building is being constructed at 2300 N. Ashton Blvd. It will serve as Sorenson’s new headquarters. Chris Falk of Newmark Grubb Acres represented Sorenson.

May 25, 2017

Nevada Restaurant Retail Western

The Slanted Door to Open First Restaurant Outside California

by Nellie Day May 25, 2017

LAS VEGAS — Simon is adding The Slanted Door to The Forum Shops at Caesars Palace, opening in 2018. It will be the Vietnamese restaurant’s first location outside of California. A modern Vietnamese restaurant with roots in San Francisco’s Mission District, the 8,200-square-foot restaurant will be located on Las Vegas Boulevard. The Slanted Door opened its first restaurant in 1995 and received the James Beard Outstanding Restaurant award in 2014, which is given to only one restaurant nationally a year. The Forum Shops at Caesars Palace first opened in May 1992. After two subsequent expansions, The Forum Shops now offers 675,000 square feet of retail, dining and entertainment. Simon owns shopping, dining, entertainment and mixed-use properties.

May 25, 2017

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